$50M upgrades, light show typify Tropicana's turnaround from struggle to success

A $50 million renovation of Atlantic City's Tropicana casino shows how far it has come from eight years ago, when the property was on life support.

A former owner had let the place deteriorate so badly that New Jersey took away its casino license.

But now, the Tropicana has rebounded to become one of Atlantic City's more profitable casinos. Current owner Carl Icahn has invested $130 million in it since taking over in 2010, including a far-reaching renovation due to be completed by Memorial Day weekend.

Its most striking feature will be an outdoor light show on the building's facade that will be visible for miles. Older areas of the casino have been redone, as has the Tropicana's north tower of 434 hotel rooms, and an open-to-the-public fitness center is part of the plan as well.